{
  "id": 6375623,
  "title": "Majid Al Futtaim 'keeping an eye' on Syria as it reports 25% jump in first-half profit",
  "url": "https://urgent.news/2026/09/09/majid-al-futtaim-keeping-an-eye-on-syria-as-it-reports-25-jump-in-6375623",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-09T03:00:00.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/economy/2026/09/09/majid-al-futtaim-keeping-an-eye-on-syria-as-it-reports-25-jump-in-first-half-profit/"
  },
  "original_language": "en",
  "account": "Majid Al Futtaim Holding, Dubai's largest private-sector company, is eyeing potential expansion into Syria as the company reported a 25% jump in profit for the first half of the year. Ahmed Galal Ismail, CEO of Majid Al Futtaim, stated that the company is \"keeping a close eye\" on Syria, noting their land bank in the country and excitement about the market prospects. Syria is actively seeking investments to rebuild its war-torn economy and create job opportunities. Gulf developers and investors, including Arada and Mohamed Alabbar of Emaar, have plans to invest in the country. Majid Al Futtaim, the Middle East's largest mall operator, reported a Dh1.8 billion ( $490 million) net operating profit for the six months ending June, with revenue rising 1% year-on-year to Dh17.5 billion. Development revenue surged 38% due to ongoing construction activity in Dubai and Cairo. EBITDA increased 11% on an annual basis to Dh2.5 billion. The company's total assets stood at $73 billion, up 4% year-on-year, while net borrowings were Dh13.2 billion at the end of the first half. Ismail expects continued strong performance in 2026, praising the company's resilience across its 14 markets. Founded in 1992 and privately owned, Majid Al Futtaim operates in various Gulf region markets, Egypt, Pakistan, Levant countries, Georgia, Kenya, and Uganda. The company owns 29 shopping malls, including the Mall of the Emirates and Mall of Egypt, as well as luxury hotels and mixed-use developments. Its development pipeline exceeds Dh100 billion, with Dh2.8 billion in construction contracts awarded. The company reported a 4% year-on-year net revenue growth to Dh2.3 billion in the first half, offsetting softer tourism demand in the hotel business. However, retail segment revenue declined 6% due to challenging consumer conditions in the UAE and deliberate actions for transformation. The impact of Iran's war on Majid Al Futtaim's business has been uneven, with supply chain disruptions and inflationary pressures affecting the Gulf region, while East Africa, Egypt, and Georgia have not been impacted.",
  "summary": "Majid Al Futtaim Holding , one of Dubai's largest private-sector companies, is considering potential expansion into Syria, its chief executive said, as the company posted a 25 per cent jump in profit for the first half of the year. The company is “keeping a close eye” on Syria as part of its expansion plans, Ahmed Galal Ismail, chief executive of Majid Al Futtaim told The National . “We do have a…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "Majid Al Futtaim 'keeping an eye' on Syria as it reports 25% jump in first-half profit",
        "url": "https://urgent.news/2026/09/09/majid-al-futtaim-keeping-an-eye-on-syria-as-it-reports-25-jump-in",
        "published": "2026-09-09T03:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}